AI Capex Bubble Fears Rise as Tech Giants' Spending Outpaces Revenue

The five largest tech firms are projected to invest $660-690B in AI infrastructure by 2026, yet direct AI revenue is only $51B, prompting BIS and economists to flag bubble risks akin to the dot-com era. In Russia, AI development is constrained by high loan rates and electricity shortages, with no pure-play AI stocks listed. The gap between investment and revenue suggests potential market correction if monetization fails to materialize.